Market Insights
“The thermal insulation material market value was US$ 75.6 Billion in 2024 and is likely to grow at CAGR of 5.4% in the long run to reach US$ 103.6 Billion in 2030”.
Market Dynamics
Introduction
Thermal insulating materials are materials that are specifically intended to decrease heat transfer between two objects or between two different zones with different temperatures. These materials operate on the principle of blocking conduction, and convection as well as trapping radiation heat. Some of the more familiar types are fiberglass, foam, wool, and aerogel. They are common in structural framing, machines, and home appliances to regulate the heat flow or insulate against heat loss. The basic functions of thermal instantiation include; Constant Thickness, Low TCI (Thermal Conductivity Index), high R-value of the material, and thermal stability. These extend from home weatherproofing to heating ventilating and air conditioning to aerospace automotive and cryogenic storage. Through thermal management, it cuts down on energy used, and expenses on utilities, and makes significant strides towards ecological responsibility.
Recent Market JVs and Acquisitions:
A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:
- In October 2024, Knauf Group made a significant move by partnering with Texnopark to acquire its Rock Mineral Wool insulation business. This acquisition brings advanced electric melting technology to Knauf, enabling production with significantly lower CO2 emissions—a key step toward sustainable manufacturing.
- In September 2024, Kingspan expanded its insulation portfolio by acquiring IB Roof Systems. This acquisition aligns with Kingspan’s strategic focus on delivering energy-efficient construction solutions, further cementing its leadership in the sector.
- In February 2024, Saint-Gobain leaped sustainable building solutions with the acquisition of International Cellulose Corporation (ICC), a U.S.-based company specializing in thermal and acoustic insulation made from natural and recycled fibers.
- In the same month, February 2024, Owens Corning announced the acquisition of Masonite, enhancing its footprint in construction materials. The move highlights Owens Corning’s commitment to expanding its energy-efficient insulation offerings through strategic partnerships and acquisitions.
Recent Product Development:
- In October 2024, BASF enhanced its insulation offerings by expanding the Neopor® range. This innovative, graphite-enhanced EPS material not only delivers exceptional thermal insulation but also helps reduce energy usage, making it a standout in sustainable construction.
- In May 2024, Knauf Insulation unveiled a cutting-edge product line of rock mineral wool. This development incorporates advanced electric melting technology, which significantly lowers CO2 emissions during production—a clear step toward eco-friendly manufacturing.
- In March 2024, Rockwool launched its next-generation stone wool insulation product. Designed for industrial and commercial applications, this innovation combines superior thermal performance with enhanced fire safety, catering to the growing demand for high-performance insulation.
- In January 2023, Kingspan expanded its popular Kooltherm insulation range. This upgrade brings higher thermal efficiency and improved sustainability, addressing the need for energy-efficient solutions in modern construction.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Material Analysis
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Stone Wool, Fiberglass, Plastic Foam (Polystyrene Foam (Extruded Polystyrene Foam (Xps) and Expanded Polystyrene Foam (Eps)), Polyurethane (Pur) and Polyisocyanurate (Pir) Foam and Other), Wood Fiber and Other (Perlite, Aerosol, Cellulose and Ceramic).
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Fiberglass is said to be the dominating material of the market for thermal insulation material market.
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Temperature Range Analysis
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0 To 100°C, 101 To 500°C and >500°C.
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0 To 100°C is said to be dominating the market for thermal insulation materials market.
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End-use Industry Analysis
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Construction (Residential (Wall Insulation, Floor Insulation, and Roof Insulation) and Non-Residential (Wall Insulation, Floor Insulation, and Roof Insulation)), Automotive, HVAC, Industrial, and Others.
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Construction is said to be dominating the market for thermal insulation materials market.
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Region Analysis
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Asia-Pacific, Europe, North America, and The Rest of the World.
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Europe is the largest and Asia-Pacific is the fastest region for the thermal insulation material market.
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By Material Type
“Fiberglass is said to be the dominating material of the market during the forecast period”.
- The market is segmented into Stone Wool, Fiberglass, Plastic Foam (Polystyrene Foam (Extruded Polystyrene Foam (Xps) and Expanded Polystyrene Foam (Eps)), Polyurethane (Pur) and Polyisocyanurate (Pir) Foam and Other), Wood Fiber and Other (Perlite, Aerosol, Cellulose and Ceramic).
- Fiberglass has gained the largest market share in the thermal insulation material market owing to its outstanding characteristics including thermal conductivity, low density, and cost affordability. Because of its flexibility and simplicity of installation, this has become the most utilized in construction, industrial, and HVAC uses. Also, fiberglass has no flame contact and provides better fire protection, which is beneficial for industries focused on safety.
- Specialty materials include stone wool, plastic foam (XPS, EPS, PUR & PIR foam and other materials such as perlite and aerogel foams that cater to special needs. For instance, the common stone wool material is opted for due to possessing the characteristics of soundproofing, and high operating temperature capability while plastic foams are suitable for their light weight and insulation capabilities. These alternatives cover specific kinds of applications but have not acquired the market domineering of fiberglass.
By Temperature Range Type
“0 To 100°C is said to be dominating the market during the forecast period”.
- The market is segmented into 0 To 100°C, 101 To 500°C and >500°C.
- The temperature range of 0 to 100°C is currently the largest sales market for thermal insulation materials for several reasons including homes and buildings, HVAC systems, and more. Insulation as we have analyzed has a working range of R-values between 11 and 60 so materials such as fiberglass, polystyrene, and cellulose suit this range well therefore they are most suited for use in improving the energy efficiency ratios in both buildings and household appliances.
- But the 101 to 500°C range is also becoming more relevant and is an area especially growing in relevance for industrial processes where insulation for high-temperature equipment is needed. Stone wool and ceramic-based insulations require less maintenance, possess higher thermal properties at elevated temperatures, and are fit for use, thus fitting the growing manufacturing and power-generating industries' requirements.
By End-use Industry Type
“Construction is said to be dominating the market during the forecast period”.
- The market is segmented into Construction (Residential (Wall Insulation, Floor Insulation, and Roof Insulation) and Non-Residential (Wall Insulation, Floor Insulation, and Roof Insulation)), Automotive, HVAC, Industrial, and Others.
- For thermal insulation material, the construction industry remains the largest demand area due to the influence factors such as urbanization, energy efficiency standards, and green buildings. In residential and non-residential construction projects; the use of fiberglass and polystyrene for wall, roof, and floor insulation for efficiency in thermal performance and, hence low energy consumption is rife.
- Other industries such as automotive and HVAC also consume large amounts of insulation material, where weight and size of insulation are critical. In industrial use, high-temperature resisting materials such as stone wool are used in machines and piping systems among others. Nevertheless, the construction sector is the largest one due to its versatility and trend in the expansion of this field.
Regional Analysis
“Europe is the largest and Asia-Pacific is the fastest region for thermal insulation material during the forecast period”.
- Europe is the largest market for thermal insulation material owing to the increased regulation on energy efficiency, superior construction techniques, and the general use of environmentally friendly construction materials. Germany, France, the UK, and other such countries are leading the market and driving the insulation technologies for environmental targets.
- The Asia-Pacific region is one of the fastest growing regions in the world with growth due to industrialization, urbanization, and government measures to support energy-efficient structures. The growth of the construction industry and automotive business is responsible for generating good chances for thermal insulation material producers in a country like China & India.
Key Players
The market is partially fragmented across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the thermal insulation material market:
Here is the list of the Top Players (Based on Dominance)
- Saint-Gobain SA
- Kingspan Group
- Rockwool International A/S
- Owens Corning
- Knauf Insulation
- BASF SE
- Asahi Kasei Corporation
- Recticel
- GAF
- Evonik Industries AG
Note: The above list does not necessarily include all the top players of the market.
Are you the leading player in this market? We would love to include your name. Write to us at [email protected]
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global thermal insulation material market is segmented into the following categories.
Thermal Insulation Material Market, by Material Type
- Stone Wool (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Fiberglass (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Plastic Foam (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Polystyrene Foam (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Extruded Polystyrene Foam (XPS) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Expanded Polystyrene Foam (EPS) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Polyurethane (PUR) and Polyisocyanurate (PIR) Foam (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Wood Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Perlite (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Aerosol (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Cellulose (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Ceramic (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Thermal Insulation Material Market, by Temperature Range Type
- 0 to 100°C (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- 101 to 500°C (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- 500°C (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Thermal Insulation Material Market, by End-Use Industry Type
- Construction (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Residential (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Wall Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Floor Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Roof Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Non-Residential (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Wall Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Floor Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Roof Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- HVAC (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Thermal Insulation Material Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s thermal insulation material market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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